Allianz to replace CEO as Gross upheaval rages

Allianz will replace chief executive officer Michael Diekmann next year with Oliver Baete in the wake of Bill Gross's sudden departure from Pimco.

In a statement Thursday, Allianz said Oliver Baete, 49, would become CEO effective May 7, with Michael Diekmann, 59, departing after the 2015 annual meeting. The German-based insurer gave no explanation for the shakeup, but Diekmann's contract was due to expire at the end of this year.

Last week, Gross, Pimco co-founder and Wall Street legend, departed after more than a year of turmoil and infighting, decamping for Janus.

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